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comdirect bank: pre-tax profit of EUR 15.7m - growth continued in first quarter - new current account launched

Quickborn, 24.04.2009

Quickborn, Frankfurt / Main. comdirect bank (www.comdirect.de) closed the first quarter of 2009 with pre-tax profit of EUR 15.7m (previous year: EUR 27.5m). "We have made a respectable start to the year despite the existing difficult market environment. We have achieved further growth, both in organic terms through our new complus programme and through the acquisition of ebase. At the same time, through consistent cost management we have achieved a good result that exceeds market expectations," says Michael Mandel, CEO of comdirect bank.

The number of customers increased in the first quarter by 18,918 to 1,368,215. Assets under custody were down on the fourth quarter of 2008 by 9 % as a result of market conditions and stood at EUR 18.61bn at the end of March. 852,630 customers had a call money account, a rise of 38,114, or 5%, in three months. In the same period, the number of current accounts increased by 8% to 460,824 and the number of custody accounts by 1 % to 704,216. In advice, subsidiary comdirect private finance serviced 48,969 customers, 5% more than at the end of 2008.

In the first three months of the year, comdirect bank generated total income of EUR 60.6m, a decline of 28% compared with the first quarter of the previous year. This was due in particular to considerably lower market interest rates and restrained order activity on the stock exchanges. Consequently, net interest income before provisions amounted to EUR 32.5m (previous year: EUR 41.5m) at the end of March. At EUR 25.9m, net commission income was down on the high level achieved in the previous year (EUR 36.3m). This was countered by a reduction in administrative expenses. Through consistent cost management, these expenses were 10.3 % lower than the same quarter in the previous year at EUR 44.9m.

The agreed acquisition of ebase provided the basis for an additional boost to growth and development through acquisition. With ebase, comdirect bank comprises over 2 million customers, more than 1.4 million custody accounts and customer assets of EUR 29.2bn. As of 2013, comdirect's business-tobusiness activities should account for at least 10% of earnings.

Over the next five years, between EUR 250m and EUR 300m is to be invested in complus. Mandel: "complus stands for organic growth and greater profitability in future business-to-consumer banking." By 2013, the direct bank aims to achieve pre-tax profit of between EUR 150m and EUR 160m. At the same time, the number of customers is set to rise by 1 million to 2.3 million, with assets under custody of over EUR 40bn. On the product side, the first complus milestone was reached with the launch of the new current account with satisfaction guarantee.

First, comdirect shareholders can again look forward to a dividend. After approval by the annual general meeting on 6 May 2009, a dividend of 41 cents per share is to be paid for financial year 2008.
 

Overview
EUR thousand
Q1/08
Q2/08
Q3/08
Q4/08
Q1/09
Q1/09 vs&nbspQ1/08
Net interest income before provisions 41,530 40,463 42,179 38,200 32,519 -21.7 %
Provisions for
possible loan
losses
-116 -279 -961 184 -477 -
Net commission
income
36,324 29,324 31,338 41,455 25,917 -28.7 %
Other income
 
-207 -3,231 -1,006 -8,689 2,594 -
Administrative
expenses
50,040 53,520 50,955 54,233 44,863 -10.3 %
Pre-tax profit
 
27,491 12,757 20,595 16,917 15,690 -42.9 %
After-tax profit
 
20,407 9,625 14,878 12,782 11,259 -44.8 %
Press contact: Johannes Friedemann, comdirect bank AG,
Tel.: +49 4106-704-1340, e-mail: presse@comdirect.de

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